Updated software technology delivers speed, efficiency and accuracy for life insurers under pressure from complex reporting requirements
ARLINGTON, VA, January 7, 2021 — Willis Towers Watson launched a new version of RiskAgility Financial Modeler, its industry-leading financial modeling and reporting software technology for life insurers. The new version, RiskAgility FM 3.0, provides life and health insurers with a new calculation approach to actuarial modeling, with run times typically 10 times faster than current software.
Companies are mindful of the environmental and financial implications of running large actuarial models in their data centers and cloud. Willis Towers Watson's next generation calculation engine, available through RiskAgility FM 3.0, enables models to run, on average, 10 times faster than previously possible, reducing financial and environmental costs of current hardware or pay as you go cloud compute resources. Larger insurers have the potential to realize annual savings in the millions of dollars.
“The need to be faster, better and cheaper when delivering actuarial calculations is a concern for many CFOs, CROs and Chief Actuaries,” said Eddy Trivedi, regional product leader, Life Financial Modeling, Willis Towers Watson. "Our new calculation engine has enabled significant improvements, thus boosting clients’ confidence in the ability to deliver regulatory and internal reporting on time and allowing for better modeling of the risks they cover, leading to significant competitive advantage.”
RiskAgility FM 3.0’s new calculation engine has been designed to complement Unify, Willis Towers Watson’s workflow automation and governance platform. When combining these with the near limitless scaling of vGrid, its on-demand computing technology, the calculation time becomes a choice rather than a constraint. By reducing the amount of time wasted and the number of reruns needed due to human error, pressure on actuarial resources is reduced, time for analysis maximized and an insurer’s reporting cycle optimized — all helping to make the business more efficient.
"U.S. GAAP Long Duration Targeted Improvements, Principles Based Reserving, Insurance Capital Standards, Solvency II and IFRS 17 require insurers to perform even more assessments of their balance sheet and profitability, which has inevitably led to a sharp rise in demand for greater computational power and increased infrastructure costs,” said Dom Lebel, Americas Life practice leader, Willis Towers Watson. “These phenomenal performance gains across our software technology will lead to significant cost reductions for insurers adopting RiskAgility FM 3.0."
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
